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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #110,521
  • Apr 20, 2012 6:18am Apr 20, 2012 6:18am
Quoting Donkey
GBPAUD....considered yesterday placing a sell order and playing break of 3 daily bar highs/consolidation at BRN. Moved nicely today to a weekly level. I have pending buy order if price pulls back to 1.5500 (top of consolidation box).
Price went through the weekly via a 4H BUOB without triggering my order, so I've pulled the order. Current 4H Bars low is at the Wkly HCR to the pip. Will be watching this area next week.
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  • #110,522
  • Edited 9:47am Apr 20, 2012 6:27am | Edited 9:47am
Quoting Donkey
I'm not quite at BE yet....but 80% or so is off table. I really love the strong close below .9200. I'm going to pay attention to the daily level at .9181...if we make it that far...and then make the decison on my next move. The area is confluenced with the ema approaching. This one's honestly gone as far as I can expect, so anything else is gravy.
I'm locking in around .5R profit this morning before heading to work. Price had a weak close below my second target so I'm putting my stop here, which is currently resistance. The rising TL and 365 are a concern, so I'll watch this area closely during first part of NY session. Whatever happens at this point...happy with this trade.
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  • #110,523
  • Apr 20, 2012 7:17am Apr 20, 2012 7:17am
Hi there,

Once again, a newbie question... please apologize for taking some of your time for stuff like that

I am currently designing my trading plan. Objectives, strengths and weaknesses are filled in.
Strategy is... well... under massive development... have some work at work, some fun at home, and... few time left to learn from this thread...

The point is, I do not want to start trading (even demo!) without a ready- and easy-to-use trading journal.

I was thinking that stuff should contain:
- the classical details of the operation: pair, entry date & time, long/short, entry price, position of SL, position of TP, exit date and time, exit price
- strategy analysis tools: +/-profit, %DD, success ratio, sharpe ratio, did I follow my rules Y/N
- strategy details: access to the snapshot of the chart at the time the position was taken and closed, few words on why I took position - why I messed up - why the price moved as expected.

I am pretty sure I forget a lot of valuable data. I would really appreciate if you could point me what I could add to it.

I also have absolutely no idea of what the hell could do all that.
An Excel spreadsheet? won't be easy to use - links to snapshot will have to be modified each time I modify my folders' organisation in my hard drive - and it happens...
Is there any software that could deal with that? Would you mind telling me which could do the job?

Thanks, all of you, for your kindness and the amount of information & analysis you send here
Slow & steady
  • #110,524
  • Apr 20, 2012 7:24am Apr 20, 2012 7:24am
Quoting goldfish3
Cable in a good position. Watching for PA for bounce back to 1.600
Quoting Quezoy
Something to watch for the next week, yes.

And I'm going to wait for opposite. Will look for longs at 1.6000, if nothing happens today.
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If not up, then down, otherwise sideways :-)
  • #110,525
  • Apr 20, 2012 7:44am Apr 20, 2012 7:44am
Quoting jarroo
Let's watch this one gado . . on the EurAud . .
Hi Jim. I'm starting to like your way of trading! (After almost a year of watching.)
Just wanted to share this with you. So, you can fully enjoy the weekend now and relax
take care
Jarda
Follow my trading on Twitter and FB: @pumlitch
  • #110,526
  • Apr 20, 2012 8:05am Apr 20, 2012 8:05am
hi
i have a problem with this indi..
its giving alerts before the completion of bar..
is there any newer version that gives alerts only after completion of candle...or any good indicator for giving alert on james16 candle setups
thank you dear seniors..
Attached File(s)
File Type: mq4 PriceAction AHA 0_2v2-mod.mq4   51 KB | 353 downloads
  • #110,527
  • Apr 20, 2012 8:10am Apr 20, 2012 8:10am
Quoting beebolbod
Nice one... i'm in this with you. It started a while ago really. As you say a confirmation touch of the BRN and/or TL would be good for entry with PA. These patterns can give us really superb entries or at least strong bias as to where this is going.

I'm already in. Where? why?

Attachment
i want to go on otherside ..after this pinbar..tp at trendline..what do you say
beelbolbod..
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  • #110,528
  • Apr 20, 2012 8:25am Apr 20, 2012 8:25am
@Rust - Happy birthday

@pata - i don't have a solution but i admire the problem. i too am in need of such a journal. perhaps we'll get a tip from some of the more experienced people
  • #110,529
  • Apr 20, 2012 9:01am Apr 20, 2012 9:01am
Quoting patapouer
Hi there,

Once again, a newbie question... please apologize for taking some of your time for stuff like that

I am currently designing my trading plan. Objectives, strengths and weaknesses are filled in.
Strategy is... well... under massive development... have some work at work, some fun at home, and... few time left to learn from this thread...

The point is, I do not want to start trading (even demo!) without a ready- and easy-to-use trading journal.

I was thinking that stuff should contain:
- the classical details of the...
Hi Pata,
I don't know how long time you have been trading so my advice could be useless for you.
My experinece:
When I started demo trading I thought I need journal, so I started to note all my trades...but..after a few weeks I realized that my trades are so amateurish and most of them even don't make sense. The journal was just list of stupid trades which realy did not deserve to be kept for next generations.

I focused on trading itself and when I felt it is what I'm looking for I started to make a journal. It was... well....after a year of demoing.

My advice for new traders is to practice, watch, evaluate at first. The journal could be the next step, when you know what you are doing and why.

Just my view. Not necessarily the only one.

I actually did not answer your question, so, sorry for that :-)

Nice weekend to all!

J.
Follow my trading on Twitter and FB: @pumlitch
  • #110,530
  • Apr 20, 2012 9:09am Apr 20, 2012 9:09am
Quoting patapouer
Hi there,

Once again, a newbie question... please apologize for taking some of your time for stuff like that
Hey man, its good you want to journal your trades. But dont overcomplicate things.

You should tailor the journal to your persona and use the tools/stats you gain something from and abandon the rest.
However, screenshots are a necessity IMO, trading is a very much visual bussiness so you should train your eyes.

I have a (newbie) journal up here, have a look if you wish.
Thoughts are things
  • #110,531
  • Apr 20, 2012 9:58am Apr 20, 2012 9:58am
Thanks Pumlitch and Quezoy for your nice answers.

I agree on the fact that I might have the... "professional quirk" of overdoing things
I'll stick on the basics, and, as Quezoy pointed out, I really think visual support is of importance.
So I'll keep screenshots with details drawn and written on it

thanks again!
Slow & steady
  • #110,532
  • Apr 20, 2012 10:14am Apr 20, 2012 10:14am
Quoting Pumlitch
Hi Pata,

My experinece:
When I started demo trading I thought I need journal, so I started to note all my trades...but..after a few weeks I realized that my trades are so amateurish and most of them even don't make sense. The journal was just list of stupid trades which realy did not deserve to be kept for next generations.

Nice weekend to all!

J.
But would you have realized so quickly that your trades were random or amateurish if you were't keeping a journal?

My experience is that a journal is essential for all phases of your trading career. It can help in many ways, but perhaps most importantly it can quickly identify the things you are doing right and wrong, giving you the ability to phase in and out various aspects of your trading style. It might save you beating your head against the wall making the same mistakes over and over unknowingly!

A 'journal in your head' is not sufficient from what I've seen, as us humans tend to have a selective memory. Only remembering those glorious winners or glorious losers and eliminating the rest (depending on your physiological makeup)

Have a good weekend too!

Jonny
  • #110,533
  • Apr 20, 2012 10:50am Apr 20, 2012 10:50am
Quoting Jonnyislost
But would you have realized so quickly that your trades were random or amateurish if you were't keeping a journal?

My experience is that a journal is essential for all phases of your trading career. It can help in many ways, but perhaps most importantly it can quickly identify the things you are doing right and wrong, giving you the ability to phase in and out various aspects of your trading style. It might save you beating your head against the wall making the same mistakes over and over unknowingly!

A 'journal in your head' is not sufficient...

100 people 100 opinions.
Follow my trading on Twitter and FB: @pumlitch
  • #110,534
  • Apr 20, 2012 11:05am Apr 20, 2012 11:05am
My "journal" is just taking snapshots of all my trades . I have 2 main folders - one for activated trades , and one for setups i was watching but didn't get a trigger .
It's simple , easy and as you know "a picture says a thousand words"
  • #110,535
  • Apr 20, 2012 11:39am Apr 20, 2012 11:39am
Quoting patapouer
Hi there,

Once again, a newbie question... please apologize for taking some of your time for stuff like that

I am currently designing my trading plan. Objectives, strengths and weaknesses are filled in.
Strategy is... well... under massive development... have some work at work, some fun at home, and... few time left to learn from this thread...

The point is, I do not want to start trading (even demo!) without a ready- and easy-to-use trading journal.

I was thinking that stuff should contain:
- the classical details of the...
I guess you have pretty much all the essential variables you need to keep track of. Regarding snapshots, there is a feature in excel that allows you to add a picture as a "comment" that shows up when you drag your mouse over the cell which makes organization a lot easier. PM me if you have no idea what I am talking about.

You also could be using myfxbook.com. They just keep getting better with the all the cool features they keep adding. It will do all the statistical calculations for you and allow you to store pictures in your log with comments and stuff. Importantly its all online so you don't have to worry about modifying your hard drive or its contents.

hope this helps.

g.
I believe . . .
  • #110,536
  • Apr 20, 2012 1:22pm Apr 20, 2012 1:22pm
Quoting Rust
My "journal" is just taking snapshots of all my trades . I have 2 main folders - one for activated trades , and one for setups i was watching but didn't get a trigger .
It's simple , easy and as you know "a picture says a thousand words"
Yup. So do I.

I use google picasa as a journal. I just upload the picture and add comment. Easy, functional. All I need.

J.
Follow my trading on Twitter and FB: @pumlitch
  • #110,537
  • Apr 20, 2012 1:34pm Apr 20, 2012 1:34pm
Quoting ghous
I guess you have pretty much all the essential variables you need to keep track of.
thanks for that!

Quoting ghous
You also could be using myfxbook.com.
I just had a look at it, and it seems indeed to be quite what I am looking for. I will even be able to share my losses on real time
I'll keep a local copy of every snapshot of each trade, and organize these by date and pair. I think it will make it that way.

Thanks all of you for your ideas and advice!

all the best

(Pumlitch: you just make me feel like watching some simpson tonight... trading lessons are over for today )
have a nice week end!
Slow & steady
  • #110,538
  • Apr 20, 2012 2:03pm Apr 20, 2012 2:03pm
Quoting ghous
I guess you have pretty much all the essential variables you need to keep track of. Regarding snapshots, there is a feature in excel that allows you to add a picture as a "comment" that shows up when you drag your mouse over the cell which makes organization a lot easier. PM me if you have no idea what I am talking about.

You also could be using myfxbook.com. They just keep getting better with the all the cool features they keep adding. It will do all the statistical calculations for you and allow you to store pictures in your log with comments...
I've seen some of these fancy sites . At first glance - really good !
Agree with Ghous it worth a try
  • #110,539
  • Apr 20, 2012 3:12pm Apr 20, 2012 3:12pm
Quoting aserbfx
aapl
maybe the end of the strong upmove?
trade triggered by the break of the pinbar.
please note that by textbook this pinbar gets invalid by the break of the high here.
highest weekly volume since two years. a big warning sign!
i took 1/3 off before closing of nyse, a couple of minutes ago.
about +5% so far.
aapl announces earnings on april, 24th. so be careful.
next trouble area 550 usd.
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meine augen sind die sterne
  • #110,540
  • Apr 20, 2012 3:51pm Apr 20, 2012 3:51pm
Quoting aserbfx
nice cup and handle pattern on gbp/aud.
trend continuation pattern. target 1.6000.
thanks for the beautiful chart buddy
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